Verizon to Purchase Alltel, $28 Billion Deal will Create Largest Mobile Network in U.S.

Verizon (NYSE: VZ) is reportedly set to purchase Alltel in a deal that will pay $5.9 billion for the firm and an addition $22.2 billion in debt. Once the deal is completed it will make Verizon Wireless the largest mobile phone network in the United States, surpassing AT&T.

Alltel was purchased seven months ago by TPG Capital and GS Capital Partners for $27.5 billion.

Verizon has been eyeing the 57 mostly rural markets that Alltel serves and the 13 million customers in 34 states. Verizon currently has 67 million customers in their network and would like to complete the deal by the end of the year.

The impact of such a deal will draw the attention of the Federal Communications Commission and the Department of Justice who will determine if the merger is appropriate.

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